Timed to the franchise's 40th anniversary, the three-hour broadcast will air Sunday, Feb. 15, 2015, from 8-11 p.m., NBC announced Friday.

Expect current SNL cast members to take part, as well as past alumni, special guests and musical acts, though no names have been formally announced. The participant lineup will be determined in the coming months.

"Saturday Night Live is an institution unlike anything else in television history," said Robert Greenblatt, chairman of NBC Entertainment. "The many brilliant 'Not Ready for Primetime Players' over the years is a who’s who of film and television comedy for the last two generations."

Since SNL's debut in October 1975, the program has featured top-tier comedy talent such as Eddie Murphy, Billy Crystal, Dana Carvey, Mike Myers, Will Ferrell, Adam Sandler, Kristen Wiig, Tina Fey, Amy Poehler, Jimmy Fallon and Seth Meyers, just to name a few. Many have gone on to have rich film and television careers, while two recent SNL graduates (Fallon and Meyers) currently lead NBC's 11:35 p.m. and 12:35 a.m. late-night slots. Several SNL skits have even been given the big-screen treatment.

SNL has won 40 Emmys, the most for any TV show, and was honored twice with the Peabody Award in 1990 and 2009. The program was also inducted into the Broadcasting Hall of Fame by the National Association of Broadcasters.

SNL films live from Studio 8H in Rockefeller Center and is a Broadway VIdeo/SNL Studios production. Lorne Michaels is executive producer.